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JG

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Reply with quote  #1 
Yesterday, Joe and Dan filed their fee applications to request approval from the court to paid. Between both their companies, they are billing just over $200,000.

I have a post at http://about.ag/BullionDirect.htm that covers a bit of it, including how much was spent just responding to creditors ($27,220), and my discovery that I provided crucial information to them that Dan had mistakenly lied under oath about. It was 2 days later that they chose not to respond to my request that they communicate with me.

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jkline

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Reply with quote  #2 
Unsurprised, but still pissed off.  If I were on the creditors' committee I would encourage our lawyer to challenge the amount.
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harley_52

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Reply with quote  #3 
Is anybody raising hell with the judge about this on behalf of we "little people?"  It SHOULD seem pretty obvious what's going on here.  The money is being sucked dry by these bottom feeders who are charging champagne fees for Falstaff work.  What about the Creditors' Committee?  How can we address the Judge directly?
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JG

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Reply with quote  #4 
To the best of my knowledge, judges rely on court documents and anything presented at hearings.

So one option would be for someone using an attorney to have them file an objection (or whatever the attorney feels is appropriate, it may be something else).

Another would be to contact the creditors' committee and let them know your thoughts.
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tboll

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Reply with quote  #5 
JG, they can only use the cash on hand to pay themselves, right?  If chapter 7 is implemented, who gets priority in the disbursement of proceeds from the sale of the assets (metal)?  Is it the creditors or the lawyers/court and CRO? 

Is the ownership of the metal still up for debate or is being lumped into the estate assets?
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JG

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Reply with quote  #6 
Quote:
Originally Posted by tboll
JG, they can only use the cash on hand to pay themselves, right?  If chapter 7 is implemented, who gets priority in the disbursement of proceeds from the sale of the assets (metal)?  Is it the creditors or the lawyers/court and CRO? 

Is the ownership of the metal still up for debate or is being lumped into the estate assets?


My understanding is that professional fees take priority over just about all other expenses. The idea is that if they do not, then lawyers and other professionals would not be willing to take on the cases.

As far as the ownership of the metal, I believe that the CRO is treating it as an asset of the estate, so that it can be sold and the money distributed to creditors (minus, of course, whatever they take out). I doubt that legally it belongs to the estate, but to try to determine who actually owns it would likely be nearly impossible, so legal action would likely need to be taken to determine who should own it -- and ultimately, it really belongs to the creditors as a whole.

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